PARIS, Nov 20 (Reuters) - Shares in Natixis fell on Monday during its investor day, after the French investment bank presented 2020 targets that involve dividend payouts possibly decreasing over the next three years, compared to the previous medium-term plan.

Natixis raised its minimum dividend payout target to 60 percent from 50 percent and said it would have up to 4 billion euros ($4.7 billion) to return to investors over 2018-2020.

However, some analysts said this implied a lower payout ratio compared to before.

“The new dividend policy also raises some question marks as cumulative dividends are capped at 4 billion euros, implying a 75 percent payout on our estimates, which is slightly disappointing versus the 85 percent paid over 2014-2017,” JP Morgan analysts said in a research note.

Analysts at Kepler Cheuvreux also said that Natixis’ dividend policy appeared ambitious.

Natixis shares were down 1.9 percent by 1025 GMT, underperforming a stable European banks index, although the stock remains up around 20 percent since the start of 2017.

Chief executive Laurent Mignon said during the presentation on Monday that these figures do not include the sale of its remaining stake in Coface, planned for 2018-2020.

Natixis is betting on insurance, asset management and the payments business to achieve higher returns, and plans to focus its investment banking activities on industries including energy and natural resources, aviation, infrastructure and real estate.